| Appraisal Service |
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We will be happy to help you determine the value of your vehicle whether you
need it for insurance purposes or for re-sale purposes. We won't value it
for you but we will help you determine its value. We will use our experience
and various price guide publications to accomplish this.
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If you need an appraisal for insurance purposes, we require good quality
photos or personal inspection of the vehicle, a detailed specification list, and
a restoration/build history. An appraisal will only be issued if we are in
agreement with the value that you have determined. We will provide you with a
detailed written appraisal on our letterhead and/or on your insurance company's
required form. The charge for this service is $50.00. Please call for an appointment.
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| A Bit of Advice on Insurance |
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You should be extremely cautious when choosing an insurance policy for your
classic or street rod. Make sure that you are truly buying a "stated value"
policy. Most insurance companies will sell you a policy for your vehicle
(or, add it to your existing policy),
BUT read the fine print carefully!
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In the event of a collision or comprehensive claim, will your insurance company
pay the labor rates charged by a restoration/street rod shop? Or, will they only
pay the lower "industry-standard" collision rate, forcing you to have your car
repaired at a typical auto body repair shop? Or, will they require you to pay
the difference between collision rate and restoration/street rod rate? Ask your
agent to point out where the policy addresses this issue and be certain that it
is very clearly stated.
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In the event of a total loss claim (due to collision, fire, theft, etc.), how will
your insurance company determine your vehicle's value? Will they pay you the
"stated value" that they based your premiums on? Or, will they try (after the
fact) to determine its value? Ask your agent to point out where the policy addresses
this issue and be certain that it is very clearly stated.
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We frequently receive calls from insurance claims adjusters asking for our help in
determining the value of their insured's vehicles. This indicates that they've taken
premiums from their customer without pre-determining the vehicle’s value. Most people
don't understand that they haven’t really insured their vehicle for a "stated value".
Following is an excerpt from one insurance company’s “Restricted Use Endorsement” form:
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- Premium Determination Amount $___________
- (This amount is used to determine the premium amount only. It will not
determine the value of the vehicle for purposes of loss adjustment.)
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Fortunately, there are several insurance companies that sell policies designed expressly
for antiques, classics, collectibles, and street rods. A little bit of research time is
well spent to ensure that your vehicle is protected as it should be. Don’t rely solely
on your agent to advise you – he may not completely understand the limits of the policy
that he’s selling you. Do your homework!
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